The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1887-01-15
The County Debt.

The object of calling the Board to
gether was to make provision for the ne
COLLATION. Of the bonds voted to be issued al
the late election, and which chairman Lewis
reported he was unable to negotiate at four
and one. half per cent. as directed to be ne
gotiated by the supervisors in December
The result Of the special meeting was the ap
peiutment Of committee consisting OF the
chair AMI supervisors Fischer, Reel, Fades
and Griffin, who were authorized to make
renewed efforts, put the bonds upon the
market at the rate stipulated at the regular
session Of the Board, there being every rea
son to believe that it conld be done. The
Chair declined at first to serve on the COM
mittee, declaring thu appointment Of it
want Of confidence in himself; but on the
second thought, concluded to and the next
morning met with his colleagues for q short
while. Mr.. George VI. Murphy, cashier of
the First National Bank at La Sale immedi
ately offered to take the bonds, and the com
mittee, with the exception Of Mr.. Lewis,
concluded after second deliberalion, to issue
to him $4,000 worth of bonds instead Of
SIS, 900 at four and one-half per cent, the
bonds to run for five, six, seven and eight
years. The majority of the committee, after
receiving from Treasurer Hoffman a
statement of the cOuntys outstanding in
debtedness, its resources, etc, concluded
that 500, 900 of bonds would be sufficient;
and it would be unwise to issue $4,000
worth of bonds, the result of which would
be to create surplus that would be idle in
the treasury, and would as far as $4,000
of the amount is concerned, hesitate the
paying of additional interest on the part of
the county.
To this agreement of the majority Of the
committee to issue 100000 bonds, Mr.. Lewis
demanded, and, ia connection with Treas
urer Hoffman, prepared and filed with the
County Clerk, the following minority report
setting forth the objections to making the
bonded Indebtedness of the county $4,000
instead Of $4,000;
To tie Honorable Board Of Supervisors, &c;
We, the undersigned, members of the com
mittee appointed to negotiate bonds, etc, not
being IN accord with the report of the com
mittee filed with the county clerk, Jan. 4th,
1897, respectfully ask your permission to
make and have placed on record the following
statement of facts, together with their views
Us to the policy that, in their Judgment, should
be pursued in reference to the issue OF the
proposed bonds.
For many years it has been the practice of
the County Board to cover any failure OF the
annual revenues to meet current expenses and
appropriations Of the Board by Issuing notes
signed by the chairman of the Board and the
county treasurer, to whomsoeyer would az
vance upon them the money AS il was requlr
ed. The Roard, exercising this assumed right
of borrowing money, tor there is no pretense
OF legality about it, has neglected to levy sur.
hcient revenues to pay expenses. The result
was, that at the last September session OF inc
County Board the finance committee reported
that 1t was advisable and necessary to submit
to the electors of the county the question of
bonding the county for S,5 ONO. This was
made necessary to give, if possible, legal
standing to the deficit which the committee
then reported to be in excess OF that amount.
The report of the committee was adopted.
The proposition was submitted ana the au-
thority to borrow $4,000, which was TO be
debudness, was given to the present Board OF
SUP rysors.
The floating Indebtedness at the September
session consisted of notes signed by the chair |
man of the Board and the county treasurer, !
and special interest bearing county orders, |
together with interest on the same, due and to |
become due. mostly in December, 1886, but |
all prior to February |, 1887, as follows, (the |
names of parties being omitted by the print |
ters:)
20 notes. .......... 10000 $5,jA.0 90
int. bearing order, ,7NlC II IS
Amount due estates ..... 2113.l1
Amount eccrued interest, 5,635.S5
Total deficit 80. $50 SOILS
Ii WAS assumed that the balance OF $4,000
in the treasury would meet current enpcnses ,
Of the county until the next years revenue .
would repenish the treasury.
OF this indebtedness there has been paid !
since the September session, as follows:
Sept. Is. Special county order aud
interest, to Col. Bowen,
Of Mendoza. $40, 05 q, |
Oct. Is. Watts interest. 10000
Nov r. Truman " ............ 10000 !
/" 80. Wilson note aud interest si4OO
sll,,,OG7
This should be deducted from the amount
a, given at the Sept. session, viz, ES3,O3lh
ll,7;0.G;
Leaving the net indebtedness at ------
that Jluie. '.........S -, lvi 81
For which the undersigned proposed to Issue
county bonds to the amount OF so ,eOO, rs in-
structed by the County Board at its December
session, in the report of the finance commit
tee adopted at that time. To cover all the
obligations Of the county, however, We must
add to this sum Of.................SI 4 ,l3i 81
Co. order, Ottawa bridge appn .... 5000 %
1" Rutland Il Fall River appn 5,iOOU0
Appn. to Dayton bridge. ........... 10000
Note to NJ Murphy or La Sale b'k $4,000
Making total outstanding indebtcd------
ness against Co. at this date. S94 53i 81
The actual amount paid out in the last tis.
cal year, Sept. to Sept, was Sl4l, 1Tl.ia; the
amount paid for the year ending December
session was Sl39 1851 90 The amount Hccc,
sary for tue year to end with the March >r>
sion, 1887, 1t is fair to presume, will not be
less than the figures last quoted. (For these
see statement attached to this re.
p0rt)
Assuming, then As basis, by which to es.
innate the expense of the present fiscal year,
that of either the last flscal year. or the one
ending Dee, ls>G, or March, 1887, aid the
difference would he slight. Let us take aS
basis the last hsca! year fla, al ~
But deduct the amount paid on the
principal and int. of the floating
debt during that year ............ 25,9'124